Recent Bitcoin Price Rally Sparks Revival of Crypto Stock Options as Bear Market Starts to Thaw
As many of our regular readers are probably well aware of by now, Bitcoin — the world’s largest crypto-asset by total market capitalization — has been on a tear this past week, with the currency’s value surging to a relative high of $5,316 yesterday afternoon (before stabilizing near the $5,050 mark).
From a technical standpoint, we can see that as per Bloomberg’s Galaxy Crypto Index — a digital offering that tracks the value of many premier digital tokens — BTC’s price has increased by as much as 28 percent since the start of this week. As a result of this, the premier altcoin is now on track “for a fifth straight weekly gain” after having displayed months of stagnation.
Crypto Stocks Also On The Rise Thanks To BTC’s Recent Upsurge
In addition to all of the information that has been presented above, we can also see that over the course of the last 4-5 days, crypto-linked stocks within Asia have experienced periods of extended gains. For example, Remixpoint Inc. saw an increase of nearly 16 percent since yesterday afternoon (up 26 percent for the entire week). Similarly, Vidente Co. and Omnitel Inc. too witnessed gains of 20 percent and 6.3 percent respectively since Monday.
On this very subject, it should also be pointed out that Bitcoin’s recent gains have also helped spark a post-market rally within the
“U.S. small-cap crypto stocks”.
- Riot Blockchain Inc., whose value surged by more than 12% this past Wednesday rose by another 12 percent to touch $5.42 after today’s market closure.
- Smaller crypto companies such as DPW Holdings Inc. and Marathon Patent Group Inc. also witnessed substantial value gains over the course of the past 24 hours.
In closing out this piece, it should be pointed out that things seem to be looking extremely bullish for crypto investor/ billionaire Mike Novogratz— primarily because his firm ‘Galaxy Digital Holdings Ltd.’ is up by a whopping 159 percent since the start of 2019.
The firm had had quite a poor showing all through last year when the company’s trading desk lost around $136 million within a timeframe of around nine months.